中文摘要：

民生改善是判别经济增长质量的重要标准,而公共支出政策导向则显著影响居民收入、就业、福利与公平。生产性公共支出具有较强的短期增长推动效应,但对居民收入提升和公平化作用有限;而消费和转移支付性公共支出的效果更多体现为长期要素积累、劳动者增收与效用改善。但是,对教育、医疗等公共消费服务的投入不能挤占生产性投资,否则将导致人力资本积累没有充足的资本增长相匹配,加剧就业和贫富差距的恶化。通过延迟退休,政府不仅可获得公共服务和转移支付所需资金,而且将降低居民税费负担与失业率。

英文摘要：

One of the important criteria for the quality of economic growth is whether it enhances people＇s well-being,and the orientation of public spending policies may influence households＇ income,employment, welfare and equality. Productive public investment promotes growth significantly in the short run,but contributes little to improvement in people＇s income and equality.Public consumption and transfer have positive impacts on long-run factor accumulation,workers＇ income and utility.However,shifting resources from productive investment to public services like education and health care will aggravate employment and wealth gap,as the the growth of physical capital cannot match the increasing human capital.Instead,raising retirement age will not only fund public services and transfers adequately,but also lower households＇ tax burdens and unemployment rate.